Ondo Brings Strategy’s 11.5% Yielding STRC Stock On-Chain

Steady attention without excessive speculation.

Background and Context

Strategy launched STRC in July 2025 through a $2.521 billion IPO, which became one of the largest U.S. IPOs of the year. The company designed STRC as a short-duration, income-focused preferred stock to help fund its Bitcoin acquisition strategy. As a result, STRC sits at the intersection of traditional credit markets, corporate treasury finance, and Bitcoin-linked capital formation.

The security uses a variable-rate dividend structure. Strategy adjusts the monthly dividend rate to help keep STRC trading near its $100 par value. Currently, STRC yields 11.5% and pays dividends in cash. This structure aims to reduce price volatility while giving investors regular income exposure.

Moreover, demand for Strategy’s yield-bearing products has increased as the company continues to position itself as the world’s largest institutional Bitcoin holder. After the STRC IPO, Strategy also launched a $4.2 billion at-the-market program, giving the company another route to raise capital for Bitcoin purchases and corporate purposes.

Ondo’s decision to tokenize STRC fits into a wider tokenized equities push. Ondo Global Markets first rolled out large-scale tokenized U.S. stocks and ETFs on Ethereum in September 2025, before expanding to Solana and BNB Chain. The platform now lists more than 250 tokenized assets and claims a major share of the tokenized equities market.

This is also part of a broader Strategy preferred-stock lineup. Since 2025, Strategy has issued multiple perpetual preferred stock series, including STRK, STRF, STRD, and STRC. Each product targets a different investor profile based on yield, duration, and risk appetite.

Meanwhile, tokenized equity markets have grown quickly. Prior Ondo launches helped bring more attention to real-world asset tokenization, especially among investors who want blockchain-based access to stocks, ETFs, and yield products. Consequently, tokenized STRC adds another high-profile income product to the growing RWA market.

How Tokenized STRC Works and Key Features

Ondo Global Markets issues tokenized STRC as a structured note that tracks the economic exposure of the underlying preferred stock. In practice, this means tokenholders receive exposure that mirrors STRC’s market performance and dividend economics, subject to Ondo’s structure, fees, and any applicable withholding rules.

The tokens remain backed 1:1 by STRC shares held in custody. This backing gives the product a direct link to the traditional market security rather than creating synthetic exposure without reserves. In addition, Ondo connects the tokenized product to traditional market liquidity, allowing minting and redemption through its platform infrastructure.

Implications for Investors and the Future of Tokenization

The launch of STRC shows how quickly traditional financial products are moving onto blockchain rails. Investors now have a way to access Strategy’s yield-bearing preferred stock through tokenized infrastructure while avoiding direct custody of Bitcoin or direct participation in U.S. brokerage markets.

For income-focused investors, STRC offers exposure to a high-yield preferred security tied to Strategy’s broader Bitcoin treasury strategy. This makes the product different from standard tokenized equities because it combines preferred-stock income, corporate Bitcoin exposure, and on-chain accessibility in one instrument.

Furthermore, the launch strengthens Ondo’s position in the tokenized securities market. By adding a high-demand Strategy product, Ondo expands beyond basic stock and ETF tokenization into more specialized yield-bearing assets. That could attract both crypto-native users and institutional investors looking for programmable exposure to traditional securities.